HMRC data sharing

[charliestell]

Can someone confirm when they have stated "starting January 1st 2024" they will being to share all data with HMRC does that mean that all sales starting from Jan 1st 2024 will be shared in the new format? I know historically that they have shared data but is this new rule in relation to all sales from 1st Jan 24 or everything historically?

I'm not a master criminal or a huge fraudster I literally sell £200 - £300 a month on here so think I may be over this limit and fear a taxman letter. 

[northernantiques]

They will see that you have 94 items listed , and well over the 1k limit for the year.  Plus the self snitching about 1400 feedback on another account.

[isnakebite]

You didn't mention which family member's owned the items you were trying to sell.  If it is possible could you  not set up ebay accounts for them?

5/6 years ago I was selling items for my mum and stepfather when they were moving house. I sold everything on my account but then made a deposit of funds into their bank account. Now they are decluttering again, so instead I set up an ebay private account for them. I do everything for them but the money goes  straight into their account.

My wife has something similar. We want to declutter. I'm concentrating on clearing out my comics (mainly passed down from my father)  I've told her she can give stuff to charity shops or sell a load of my old stuff and keep whatever she gets for them as she's on minimum wage. She has a private account and been selling for 3 months, she has been doing really well and today Ebay requested her NI number.

[555njp]

That's a really good idea, especially as Labour, who let's be honest are likely to win the next election, are making a big point about closing out tax avoidance (online selling, investments, savings and pensions) -- if the Daily Mail is to be believed🤨.

[the_book_seekers]

I can't remember if it was Angela Rayner or Rachel Reeves who highlighted tax avoidance in a speech earlier this year, but it was one of the two.

[555njp]

It's happening anyway as a legal requirement but of course most people will be blissfully unaware until next after next January when HMRC get the first set of selling data.

It'll then hit the news whereby Labour will claim the success as delivering on one of their promises.

Yes, I'm a cynic 😂

[jaws30342015]

True anything made.from 1st January this year so will be thousands over the
selling limits already . Labour going to be happy

[2000appletree]

If your earnings on eBay platform is more than £1000/year you have to be business seller and you have to register your business with HMRC otherwise you break the law. I hope this helps.

[jaws30342015]

Correct best thing to do is submit a tax form and declare

[papso22]

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@2000appletree wrote:

If your earnings on eBay platform is more than £1000/year you have to be business seller and you have to register your business with HMRC otherwise you break the law. I hope this helps.

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No it doesn't because it is wrong.

[papso22]

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@jaws30342015 wrote:
Correct best thing to do is submit a tax form and declare

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Also wrong.  Tax returns are ony for trading income, not selling off old personal possessions whatever the value (ignoring CGT).

[*vyolla*]

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@2000appletree wrote:

If your earnings on eBay platform is more than £1000/year you have to be business seller and you have to register your business with HMRC otherwise you break the law. I hope this helps.

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That's very wrong.

You're getting mixed up with the £1,000 Trading Allowance for small or new business sellers.

A private seller is one who is just selling off their own personal items such as clothes from their wardrobe, bits from their loft/garage etc.

A Business seller is someone who buys or makes items to sell on.  They need to be registered as a business to meet the requirements of UK law. They need to declare income to HMRC once they reach £1,000 worth of sales.

[2000appletree]

Doesn't matter you selling your unused clothes from wardrobe or selling handmade Christmas cards if you excess £1000 British pounds a year you have to be business and registered as a sole trader.

[2000appletree]

If you want confirmation my words just simply call them:

Tel. 
0300 200 3310

Outside UK:

+44 161 931 9070

Opening times:

Monday to Friday: 8am to 6pm

Closed on weekends and bank holidays.

[sml192]

Selling hand made Christmas cards would indeed make you a business (making things to sell) and, therefore, you would need to pay tax on sales over the £1,000 trading allowance.

However, selling used clothes from your wardrobe is just selling personal possessions which is not classed as a business activity, and therefore, is not subject to the £1,000 trading allowance. 

[the_book_seekers]

No you don't. The £1000 limit is for business sellers not genuine private sellers of personal items.

[jaws30342015]

Is anyone as earned over a £1000 since January they better declare as a
sole trader

[Anonymous]

Utter rubbish. Such misinformation is dangerous. 

[jaws30342015]

Go.on correct me.i am.wrong

[Anonymous]

Go and read up on the subject.

It is only the reporting element which has changed. The Tax element has not.

[sml192]

The £1,000 trading allowance only applies to business sellers, as the name suggests, i.e. those buying items specifically to sell or making items to sell (such as handmade Christmas cards). 

It does not apply to genuine private sellers who are just selling off unwanted personal possessions such as clothes they no longer need.